The board of Tata Steel and Hooghly Met Coke & Power Company have approved scheme of amalgamation of HMPCL with the company with effect from 01 April 2009. HMPCL is a wholly owned subsidiary of the company with its registered office in West Bengal.
Upon the scheme coming into effect and in terms of the scheme of amalgamation, all assets and liabilities of HMPCL will stand transferred to the company at their book values and all equity shares of HMPCL shall stand cancelled.
No equity shares will be issued by the company in lieu of equity shares of HMPCL. The scheme is subject to and conditional upon requisite approvals and sanctions being received thereof.
This was approved at the board meeting held on 29 July 2009.
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